AgResource Analysis of the January USDA Report
ARC also highlights further contraction in 2019/20 major exporter stocks/use. Russian production was lowered 1 MMT to 73.5 MMTs. Aussie production was lowered 500,000 to better match ABARES. This was only partially offset by a 500,000 hike in Europe. World trade in 19/20 was lifted 1.3 MMTs following a strong pace of shipments to date…